News
Divesting from Sudan
January 25, 2006
(AUGUSTA)- State Treasurer David G. Lemoine on Monday ordered the sale of all Schlumberger LTD. stock held in Maine’s $24 million State Held Trusts because of that company’s extensive placement of oil rigs in Sudan. The sale was the first divesture action taken by the Treasurer since including scrutiny of companies involved in Sudan as part of his quarterly portfolio review efforts last year. “This divestiture decision,” said Lemoine, “reflects my commitment to responsible and diligent money management efforts that will avoid direct investments in companies with known ties to state sponsors of terrorism.”
Lemoine began reviewing the portfolio for Sudanese linked investments for the following reasons: The U.S. Office of Foreign Assets Control (OFAC) identifies Sudan as a state sponsor of terrorism; The widespread killings of tens of thousands of residents in Sudan’s Darfur province have been described as genocide, and; Sudan’s President, Omar al-Bashir, has been characterized as one of the world’s worst dictators.
“While our direct investment in Schlumberger LTD represents only a fraction of a percent of our total portfolio,” said Lemoine, “it is the international accumulation of similar efforts that may bring about meaningful change in Sudan.”
Schlumberger Ltd reported a 90% increase in the number of its oil rigs deployed in Sudan during 2005.
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